Kathmandu, July 21
The government has decided to form a
five-member committee to study the complexity in the implementation of the
Value Added Tax (VAT) in the transportation sector, Permanent Account Number
(PAN) and Vehicle and Consignment Tracking System (VCTS).
Following the discussion with the
representatives of the Federation of Nepalese Chambers of Commerce and Industry
(FNCCI) on Sunday, the Ministry of Finance (MoF) has decided to form a committee
to study the controversial provisions in the Finance Act 2076. The committee
will have two representatives from the MoF, two from the FNCCI and one
independent expert.
The committee will study the problems created
by the provisions in the Fiscal Act and submit its recommendations to the
Ministry by Friday, July 26.
The Finance Act has come into effect from 17
July.
Finance Minister Dr. Yuba Raj Khatiwada said
that the government was serious about the problems created by the provisions of
the new Finance Act. He promised to address the demands of the private sector
and urged them to withdraw the protests and run businesses.
President of the FNCCI Bhawani Rana urged the
government to immediately address the issues regarding the VAT, web-based VCTS
and PAN since they might create challenges for the businesses, specially the
micro, small and cottage enterprises.
"The government should create an
environment where entrepreneurs can run their business and industry with
confidence. Only then the business can contribute to the national economic
growth," she said.
Earlier, Prime Minister KP Sharma Oli on
Friday had urged FM Dr. Khatiwada, Minister for Industry, Commerce and Supplies
Matrika Prasad Yadav and FNCCI President Rana to find the solutions to the
problem.
Published in The Rising Nepal daily on 23 July 2019. 
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